MCX Gold News

China Buying Up Australian Gold:

Gold has jumped past coal as Australia’s 2nd most beneficial physical export to China, with revenue up a whopping 900% for your first eight months of the year, bringing in $4.1 billion. Chinese purchasers are hoarding Gold Bullion amid a slowing economic climate, property-buying restrictions and uncertain monetary markets as its central financial institution raises its holdings. The unparalleled jump in gold revenue, together with ongoing acceleration of export revenues for other commodities led by coal, up 80% to $4 billion, caused total exports to China to increase by 10.7% for the 12 months to August, based on Australian Bureau of Statistics figures.